Solidary Markets Review – Old Offshore Scheme Is Still a Threat

Raw spreads, deep liquidity and social trading are just some of the key advantages that this company’s customers allegedly enjoy.

After finding several warnings against this business issued years ago, it’s strange to see one obvious offshore con still operational. See the details of the unscrupulous campaign in the following Solidary Markets review.

Broker status:	Unregulated Offshore Broker
Regulated by:	No License
Operating Status:	Active Online Trading Sham
Known Websites:	solidarymarkets.com
Blacklisted as a Scam by:	CNMV, DFSA, MNB, FSC
Owner:	Solidary Markets LLC
Headquarters Country:	Saint Vincent and the Grenadines
Foundation Year:	2012
Online Trading Platforms:	MT4
Mobile Trading:	No
Minimum Deposit:	$50
Deposit Bonus:	N/A
CFD Trading Option:	N/A
Crypto Asset Trading:	N/A
Available Trading Instruments:	N/A
Maximum Leverage:	1:200
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	Contact our experts for help with asset recovery.

Scam Goes Years Back

Solidary Markets broker is based in Saint Vincent and the Grenadines – a notorious tax haven known for sheltering countless illicit brokerage platforms. Although registered with the local regulatory body, SVGFSA, the firm is not supervised as this regulator does not issue licenses to online financial services providers.

Since the business is also not licensed by any leading Tier 1 authority like FCA, CNMV, BaFin, CySEC or ASIC, they’re not considered safe. Because of lack of proper Forex permits, the firm was blacklisted by CNMV in 2016 (reposted by DFSA, MNB, and FSC). Seems like blacklisting does nothing for these scoundrels, so please make sure you stay away from them as you would from cons like ICE markets, as well.

How The Fraud Is Orchestrated

The longest lived scams are those that are best at hiding their operation. This rule of thumb can easily be applied to the Solidary Markets FX. This offshore fraud is a virtually unknown entity, with only a few social links on Facebook, X, LinkedIn and YouTube.

While this generates some site traffic, the majority of victims were actually pulled into the scheme by boiler room agents. These people consist of the main workforce of fraudulent companies, as they tirelessly sift through the phone books and search for potential marks.

The fraud functions through a per-made script, which lets these agents influence victims with relative ease. If you’ve invested funds with any such entity, contact our legal experts for help with recovery.

Main Hunting Grounds

The con artists behind this particular scam site have managed to linger on the web for quite some time now. The solidarymarkets.com domain was founded in 2012, judging from the WhoIs information.

The swindlers are most active in these nations:

• Spain
• United States
• Canada
• United Kingdom

All Ratings Are Fakes

It’s no secret that many of these swindlers commission paid content from review seller networks in order to make them appear legit. Well established brokers like Uphold on the other hand, refrain from such practices, as it damages their reputation.

Looking at the Solidary Markets reviews on TrustPilot show telltale signs of these meddlesome deceivers. Virtually none of the comments are made by the actual users.

MT4 Sold as a Promise

Feature rich, fast and comprehensive, Solidary Markets MT4 is promised to never fail in delivering the best trading experience. However, as soon as you access the user area, you’ll see that it’s completely empty! There’s no information about the available platform, instruments, payment options or anything else.

The only software you’ll find available for download is the mobile widget for Android and iOS called Forex Calendar, Market & News. If this is supposed to be this magnificent Solidary Markets app, then no trading effectively happens at all!

Available Assets Undisclosed

Even creating the useless Solidary Markets login, we still had no chance of finding out what tradable instrument classes were provided. Except for some of the major currencies being listed in the user area, nothing else was given. The website is so shallow and uninformative that not a single instrument class is mentioned. So much for the “deepest liquidity” and “over 140 pairs available”!

Should You Deposit?

It’s no secret that activating any of the Solidary Markets account types is completely pointless. As seen before, no functional trading platform is given and no tradable assets are known.

Nonetheless this trading portal allows quick joining as it takes less than two minutes to open an account. For conducting transactions, a detailed KYC has to be performed. Customers can choose between these packages:

• Standard – 50 EUR/USD
• Top – 50 EUR/USD
• Elite – 50 EUR/USD

Purposely Obscured Costs

As we’d come to expect from fraudsters, the fee structure is everything but transparent. Only the withdrawal fee is ever mentioned, ranging from €20 to €30 + 0.08% for withdrawals.

The only thing that is clear, is that the account balance must never drop below $100, as it will become frozen. This is one of the primary methods of extorting additional funds, as the minimum required deposit is stated at $50.

The firm also mentions an interest of 5% for any overdue payments on behalf of the client, which indicates a probable advanced fee scam. It also means that any negative balance protection goes down the drain.

Leverage is capped at 1:200, and the company charges commissions of up to $3.95 per lot. Spreads are said to start from 0 Pips for some account types, but this is hardly believable at this point.

Withdrawal Methods and Costs

It’s extremely difficult to simply believe empty promises of a blacklisted con claiming to provide hustle-free and lightning fast withdrawals.

The only transaction method is SEPA, with average waiting time being between 1 and 2 working days for the requests to complete. Always have in mind that these transfers are extremely pricey and not safe as there’s always a possibility for identity theft and sudden fees to be charged in advance.

Is There a Way To Recover Money?

This online forex service is a broker only in name. The offshore nation the firm is registered in does not regulate online brokerages anymore, which means that the firm is a total scam.

Investing with unregulated brokers means risking your entire deposit. If you’ve deposited any funds with the Solidary Markets scam, contact us via the live chat and book a free consultation with our experts. Together, we can get your lost money back!